5 ways to protect your finances during a family vacation

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Tuesday

Jul 14, 2015 at 11:00 AM

Your big family vacation— the one you've been saving up and planning for all year — is finally here.

But before you can completely unwind, you need to make sure your finances will be safe, both at home and while you travel. A financial mishap, like not having access to your credit card, could throw a wrench in your best-laid plans.

Protect your finances by keeping these five tips in mind before you set off for your next family trip:

1. Look up ATM locations ahead of time.

Since you don't necessarily want to carry a ton of cash with you, you should make a list of ATM locations ahead of time through your bank's website, or stick to withdrawing cash directly from banks you trust. This will also help you avoid hefty ATM fees, which can add up quickly.

2. Notify your credit card company before you go.

If you're leaving the country, be sure to call your credit card companies and give them a heads up that you'll be traveling — or run the risk of having your card frozen. Since most credit card companies monitor suspicious activities, there's a good chance they will put a hold on your cards when you begin using them abroad. It'll one less thing to worry about.

While you're at it, ask your credit card company if there are any travel rewards or perks you may not be aware of, like priority boarding or rental car discounts.

3. Keep track of your mail.

You'll most likely want to ask a friend or neighbor to check your mail every day in case you receive something urgent or sensitive. This can also prevent mail theft if you're expecting a check or other valuable. If your vacation runs long, then you may even want to put your mail on hold with the United States Postal Service and have them store everything at your local post office until you return.

4. Track your finances on-the-go.

The key to achieving peace of mind when you're traveling is knowing exactly how much money you have at any given moment. When you're on vacation, it's easy to forget how much you are spending on food, excursions, and souvenirs. It's important to set a budget and keep track of all your accounts, and fortunately, there are many mobile apps that can make the process easier.

5. Back up important documents.

Losing important documents — like a passport and driver's license — could cost your family a lot of time and money. To be safe, you may want to make printed and/or electronic copies for yourself and each of your family members. Try to keep these documents protected, whether by putting them in a secret pocket or using a lock for your luggage. In case you do lose your passport, jot down the number and address of the nearest US embassy so you can take care of it immediately.

Learn what else you can do to take charge of your finances.

This post is sponsored by Lincoln Financial Group.

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